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Apple becomes world's first trillion dollar company

Apple becomes world's first trillion dollar company

The Nasdaq finished decisively higher on Thursday (Aug 2) as Tesla shares enjoyed huge gains following earnings and Apple became the first private company to hit US$1 trillion in market value.

During the day, the share price of the iPhone maker jumped by 2.8% to $207.05, passing the $1tn (£762bn) mark in NY trading.

Apple just became the first U.S. company with a market capitalization over $1 trillion.

"Apple's growing share of the high-end smartphone market positions the company with a strong, loyal customer base that could enable Apple to maintain the high levels of annual iPhone sales despite the higher (selling prices) for the iPhone X", Walkley says. Most of the people reading this are probably on an Apple device right now or own at least one product they have offered.

July 2008: Apple launches the online App Store to sell applications for the iPhone and iPod Touch. Depending on who is doing calculations, the valuation of Saudi Aramco state-controlled oil and gas company is between $1.2 billion and $1.5 billion.

Not long after the success of the Macintosh, Jobs clashed with then-CEO John Sculley, arguing that the company should focus more on the consumer when developing products.

The California-based company born of a friendship between Steve Wozniak and the late Steve Jobs is credited with giving rise to smartphone lifestyles and "apps" for almost everything. "It's one of those things that does not mean anything by itself.it's more a testimony of the importance of Apple on the market".

Apple has been a profit geyser well before it was valued at the US$1 trillion (NZ$1.5 trillion) milestone the company reached on Thursday.

Digging the information further, Apple technically is not the first company to hit $ 1 trillion mark in the USA stock market.

Watch Apple trade in real time here. This made it hard to determine the company's actual value. "Given our confidence in Apple's future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend", he added.

The company ultimately turned it around by Q3, which saw a $30 million profit, and by Q4, had brought back co-founder Steve Jobs, who had resigned 12 years earlier.

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